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US seeks to purchase 6mn bl for SPR
US seeks to purchase 6mn bl for SPR
Washington, 18 September (Argus) — President Joe Biden's administration is trying to purchase 6mn bl of sour crude for delivery to the US Strategic Petroleum Reserve (SPR) as part of a plan to issue solicitations when prices are "favorable for taxpayers." The US Department of Energy (DOE) today released a solicitation to purchase up to 6mn bl of sour crude for delivery in February-May to the SPR's Bayou Choctaw site in Louisiana. If the purchase is successful, it would be the largest single purchase since the Biden administration launched its crude purchase program in early 2023. The solicitation offers a chance for the administration to buy crude for the SPR at a lower price than earlier purchases. Nymex WTI crude futures for delivery in February settled at $68.41/bl on Tuesday. The lowest-priced crude purchase under Biden was a 1.7mn purchase at a price of $72/bl in June 2023, and the average purchase price is about $76/bl. Bids for the solicitation are due by noon ET on 25 September. DOE has already purchased more than 50mn bl of sour crude for the SPR, of which 30mn bl have already been delivered. On 9 September, DOE said it purchased 3.42mn bl of sour crude for the SPR's Bryan Mound storage site at a price of $72.46/bl from the trading firm Macquarie Commodities Trading. The crude will be delivered in January-March, adding to an earlier purchase of nearly 2.5mn bl that will be delivered to the Bryan Mound site over the same time frame. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Wash. regulators plan for cap-and-trade vote
Wash. regulators plan for cap-and-trade vote
Monterey, 18 September (Argus) — Washington regulators are making a "contingency" plan in the event of a successful repeal of the state's emissions cap-and-trade program. Initiative 2117, which looks to repeal the state's cap-and-trade program and prevent any similar program from taking its place, will be on state ballots for the 5 November election. "We are doing contingency planning in case the ballot measure passes and will update our covered entities when we do have information — and I know this initiative is creating a lot of uncertainty," said Stephanie Potts, senior planner with the state Department of Ecology today at the Argus North American Biofuels, LCFS & Carbon Markets Summit in Monterey, California. The agency also remains focused on continuing to implement the program, "assuming it continues," she said. Washington's "cap-and-invest" program requires large industrial facilities, fuel suppliers, and power plants to reduce their greenhouse gas emissions by 45pc by 2030 and by 95pc by 2050, from 1990 levels. The department is in an ongoing rulemaking process to expand and amend its carbon offset protocols, and also continues work to gather input for linkage with the Western Climate Initiative, a linked carbon market between California and Quebec. Potts said Washington expects to have a linkage agreement in place by the end of next year. The uncertainty introduced by the ballot initiative over the fledgling market's future has tempered carbon credit prices and activity this year. Argus assessed Washington carbon allowances (WCAs) for December delivery at $30.25/metric tonne on 4 March, their lowest price since the program's inception in 2023. The drop in prices at that time coincided with a statement by Ecology outlining how a successful repeal would end the agency's authority over the program. Earlier this year, the state Office of Financial Management (OFM) released a fiscal impact statement on a successful repeal that assumed an effective repeal date would be 5 December. By Denise Cathey and Jessica Dell Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Brazil allocates R514mn to combat fires: Correction
Brazil allocates R514mn to combat fires: Correction
Corrects value of funding in headline and lead. Sao Paulo, 18 September (Argus) — Brazil will allocate R514mn ($94.3mn) to combat fires spreading across the country, presidential chief of staff Rui Costa and environment minister Marina Silva said this week. The funds are considered "extraordinary" and not a part of the country's overall budget because they are part of a special budget authorized by the supreme court to tackle climate change. Brazil is facing severe drought in all states but two, leading to fires in several regions. The flames are likely to cut the country's 2024-25 sugarcane output , while low river levels have roiled logistics . Part of the funds will be allocated to the environment ministry to reinforce monitoring and combating fires, Costa said. The federal police and the national public security force will also receive extra resources to reinforce investigations and battle environmental crimes. The armed forces will also receive some funds to support operations to extinguish the flames. Another portion will be earmarked to buy food for families in the north that are affected by the low water levels caused by droughts. The government will also issue another provisional measure this week to ease the release of resources from the Amazon Fund, Costa said. President Luiz Inacio Lula da Silva, supreme court chief justice Luis Roberto Barroso, head of the senate Rodrigo Pacheco and lower house speaker Arthur Lira all attended the announcement as a show of unity among the branches. Brazil is also considering increasing penalties for environmental crimes, which Silva considers to be "too low" at the moment. "The sentence of two to four years in prison is light," she said. "And some judges go further and completely relax this sentence." Brazil — which is trying to bolster its image as a climate leader — is also considering creating a climate authority and technical-scientific committee to "support and coordinate the federal government's actions to combat climate change." By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
US Fed cuts rate by half point, signals more to come
US Fed cuts rate by half point, signals more to come
Houston, 18 September (Argus) — The US Federal Reserve cut its target interest rate by 50 basis points today, the first rate cut since 2020, with officials signaling they expect to make another half point worth of cuts by the end of 2024. The Fed's Federal Open Market Committee (FOMC) lowered the federal funds rate to 4.75-5pc from the prior range of 5.25-5.5pc, which was a two-decade high. The Fed had kept the target rate unchanged since July 2023 after hiking it for more than a year in the most aggressive increase campaign in four decades to quash inflation, which peaked at 9.1pc in mid-2022. "The committee has gained greater confidence that inflation is moving sustainably toward 2pc and judges that the risks to achieving its employment and inflation goals are roughly in balance," the FOMC said in its statement after the two-day meeting. "Job gains have slowed, and the unemployment rate has moved up but remains low." The Fed board and policymakers, in their latest economic projections, expect the target rate range will end 2024 near a midpoint of 4.4pc compared with an end of year midpoint of 5.1pc projected in June, which implies further cuts amounting to 50 basis points by the end of 2024. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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